A Guide to Housing Loans for OFWs from UCPB, Landbank, PSBank, RCBC

Besides basic food and clothing, the next priority and considerably, the largest investment of the majority of Overseas Filipino Workers (OFW) is real estate. Not only they invest in residential lots but also in condominium units and farm lands. For our modern heroes, real estate is one thing that is worth a run of their hard-earned money!

With real estate investment becoming a popular undertaking at present time, they become so affordable so as the financing schemes of different banks become flexible. But because not all OFWs are living in lucrative lives abroad, still many of them are not capable of buying a house and lot in full lump sum. But, there is one option — the housing loans offered by banks.

Find out how 4 (four) different banks namely UCPB, Lanbank, PSB and RCBC offer home loan programs and services to Overseas Filipino Workers.

UCPB Home Loan
Who Is Eligible?
– The borrower should have been employed for the last 12 months.
– The borrower should have a gross monthly income of Php 30, 000.

What are the Benefits of UCPB Home Loan?
– purchase a house and lot, residential house
– construct a house on an existing lot
– home renovation and expansion
– finance an existing mortgage (from another bank)
– multi-purpose loan with collateral

UCPB
What are the Requirements to Avail the Loan
> housing loan application form (downloadable online)
>2 valid government-issued IDS
>income documents such as consulated certificate of employment indicating salary and length of service
>pay slips for the last 3 months
> authenticated Special Power of Attorney

Additional information
>Maximum loan amount – P500, 000.00
>Maximum loan term – 15 to 20 years
>Amortization – depending on the how much the borrower is willing to pay

Where to Apply
Nearest UCPB branch or UCPB Consumer Finance Business Center

Landbank (Bahay Para a Bagong Bayani (3B) Program)

landbankWho is Eligible?
– Filipino citizen
– holds a live contract
– at least 21 years old but no more than 65 years old

What are the Benefits of Landbank Housing Loan?
– purchase of brand new house and lot or residential lot
– renovation or improvement of existing residential lot
– refinancing of existing mortgage

What are the Requirements to Avail the Loan
– Completely filled up home loan application
– Certificate of employment
– Most recent pay slips, financial statements
– Proof of identities, governmental IDs
For additional loaning requirements, inquire at the nearest Landbank branch

Additional Information
>Loan amount – loan value of up to 80% (depending on the OFW’s paying capacity)
>Interest rate- subject to annual pricing
>Collateral – can be in the form of hold out on deposit, agrarian reform bonds or prime property
>Maximum loan term – 15 to 20 years

Where to Apply
Nearest Landbank branch

psbankPSBank (PSBank Prime Rebate)
Loan borrowers are entitled for rebates when they make an advance payment of their loan’s monthly due date or when they make an excess payment.

Who are Eligible?
– OFWs (should be at least 21 years old but not exceeding 65 years of age)
– With residential real estate property for collateral
– Gross monthly income of a minimum of Php 30,000
– At least 2 years of tenure of service

What are the Requirements to Avail the Loan
> Completely filled out PSB bank housing loan application form
> Valid photo-bearing IDs with signature
> Marriage contract (if applicable)
> Consularized certificate of employment
> Proof of remittance/ pay slips for the past 3 months
> Job contract (with POEA stamp)

What are the Benefits of PSB Bank Housing Loan?
– purchase of brand new house and lot or residential lot
– renovation or improvement of existing residential lot
– refinancing of existing mortgage
Besides the aforementioned benefits, PSB Bank housing loan guarantees faster loan processing and the borrowers (OFWs) are protected against fluctuation of interest

Additional Information
>Loan amount – P500,000.00 to PhP25,000,000
>Maximum loan term – 10 years for residential lot and 25 years for house and lot
>Interest rate- depending on the prevailing rate at the time of loan approval

Where to Apply
Nearest PSB branch

rcbcRCBC Savings Bank

Who are Eligible?
> Should be at least 21 years old but no more than 65 years old
> Certificate of employment (2 years)

What are the Requirements to Avail the RCBC Savings Bank Home Loan
> Completely filled out home loan application form
> Certificate of employment indicating compensation
> Valid ID cards
> TIN
> Tax declaration photocopies
> Residence certificate
> Statement of account

What are the Benefits of RCBC Savings Bank Housing Loan?
– Purchase a condominium, a lot, or a house and lot
– House construction
– Home renovation and improvement
– Takeout of existing housing loan

Additional Information
>Loan amount – P30, 000.00 to P10, 000, 000.00
>Interest rate- depending on the prevailing interest rate at the time of loan release

Where to Apply
Go to the nearest RCBC branch

The main boon of housing loans is they provide opportunity for Filipino workers to build their own homes with no to little amount of investment. They provide the money which will be paid back to banks in installments. However, the tradeoff is interest rates may be too high or expensive. As a result, most borrowers have already been paying the interest amount for years without slashing the principal amount.